基于股东治理视角，以2013—2022年中国沪深两市A股重污染行业上市公司为研究样本，实证检验股东环境积极主义对企业绿色创新的影响。结果发现，股东环境积极主义能够显著促进企业绿色创新，这一结论在系列内生性检验及稳健性检验后依然成立。机制检验表明，提高企业管理层环境关注度，是股东环境积极主义促进企业绿色创新的重要机制路径。异质性分析发现，股东环境积极主义对企业绿色创新的促进作用在环境规制较强、所处地区市场化程度较高、国有产权性质企业中更加显著。结论可丰富企业绿色创新前置因素研究，拓展与深化股东积极主义研究，从而为企业绿色创新提供理论支撑。

Shareholder activism in modern enterprises has a positive impact on corporate reputation as well as long-term growth, and thus it is an important factor affecting corporate operations. The demands of activist shareholders include not only improving financial performance, but also actively seeking the improvement of corporate social performance and paying attention to the sustainable development of enterprises. Environmental shareholder activism has emerged in the context of a growing global consensus on environmental and climate issues, and enterprises that are targeted by shareholder activism are more likely to respond positively to environmental needs. Green innovation is the most effective way for firms to tackle pollution, especially those in heavily polluting industries, but few studies have yet explored the impact of environmental shareholder activism on corporate green innovation. The most important influencing factor for enterprises in heavily polluting industries to carry out green innovation comes from the enterprises themselves. Among them, differences in corporate governance will have different effects on corporate green innovation. Shareholders will naturally pay more attention to green innovation in order to enhance the profitability of enterprises. Thus, this paper explores the impact of environmental shareholder activism on corporate green innovation based on the fact that enterprises in heavily polluted industries are the focus of attention in the promotion of green development in China.#br#This study selects A-share listed enterprises in the heavy pollution industry in China's Shanghai and Shenzhen stock markets from 2013 to 2022 as the research sample. After screening the preliminary matched samples, it obtains a total of 1 037 enterprises and 8 076 observation samples. Then, the study collects data on environmental shareholder activism and green innovation of sample companies, empirically examines the impact of environmental shareholder activism on corporate green innovation, and explores the role mechanism of management's environmental attention on this effect. Further, it examines the heterogeneous effects of contextual factors such as the level of environmental regulation, the degree of marketization in the region, and the nature of corporate ownership on the relationship between shareholder environmental activism and corporate green innovation.#br#It is found that environmental shareholder activism can significantly promote green innovation in enterprises, and after specifically categorizing green innovation into green utility innovation and green invention innovation, environmental shareholder activism can play a significant role in promoting both types of green innovation, which verifies the important role of environmental shareholder activism in promoting green governance. The mechanism test results suggest that increasing managerial environmental attention is an important mechanism path for shareholder environmental activism to promote corporate green innovation, shareholder environmental activism can raise managerial environmental attention, and then promote corporate green innovation. Heterogeneity analysis finds that the promotion effect of environmental shareholder activism on corporate green innovation is more pronounced in firms that are subject to stronger environmental regulations, located in regions with a higher degree of marketization, and with the nature of state-owned property rights. Once again, stronger environmental regulation and a good market environment constitute a favorable external environment for promoting green innovation in enterprises, and the government should design appropriate environmental regulation tools, create a good market environment and play the role of market facilitation.#br#There are three potential marginal contributions in this study. Firstly, it enriches the research on the antecedents of enterprise green innovation. From the perspective of shareholder governance, this study confirms the role of environmental shareholder activism in promoting the green innovation of enterprises, and provides a new perspective for investigating the green innovation of enterprises. Secondly, it enriches the research category of shareholder activism. There are few studies exploring the impact of shareholder activism on corporate green innovation. This paper expands and deepens the research on shareholder activism by confirming the positive governance effect of shareholder environmental activism on corporate green innovation. Thirdly, starting from the factor of management environmental attention, this paper pioneers the study on the path mechanism of shareholder environmental activism's influence on corporate green innovation, which is conducive to understanding the transmission path of shareholder governance's influence on corporate green innovation, and promoting managerial rational distribution of attention and resources, so as to promote corporate green innovation.#br#